Hey there,
Sorry cos I couldn’t place a trade on friday… its really a volatile day and I tend to be scared of trading on that day.
However this was a very good cowabunga signal on that day… which would have been worth more than 145pips:mad: never mind there is already another cowabunga long signal this morning which should fetch us some good pips:)
Happy viewing
Yesterday, Cowabunga defeated GBP/JPY 140pips to none. Check out the result.
Happy viewing
Tega,
What are you doing to manage the trade? What is your exit criteria? I got into the same trade as you but held onto it too long and it went the other way. I’m just not sure about exits. Any suggestions? Maybe we could get a chatroom together for everyone to confirm entries/exits. This is in no way a reflection of the system, just a reflection of my lack of understanding of the exit criteria.
Thanks!
8
Sorry for not responding to your mail on time… been very busy:D
Hope you didnt get a loss from yesterdays trade?
I basically use strong support/resistance lines for my exit… but if I am by my system, I employ cowabunga cross in the opposite direction but keep a close watch on my 14RSI… very important indicator to me… If for instance I take a long position, I will remain in that position as long as the RSI remains above 50… at times it may deep a little below 50 but I dont bother as long as the STOCH (10,3,3) is at that time in the oversold region.
I observed that yesterday, the bullish strength was getting weaker though price was attaining greater height… you will get more information about divergence from baby pipsology:
Divergence Cheat Sheet - College: Trading Divergences - Beginner’s Guide to Forex Trading, Free Forex Education, Learn to Trade Forex, Forex Training - BabyPips.com
When i have time, I will have to post a detailed method I use to trade the GBP/JPY on page 1 of this thread.
No problem about the response time! Thanks for the info!
If you look at your 15m charts that you posted from yesterday, why didn’t you exit on the previous cross down?
Thanks!
8
Also, do you take every signal that you come across on the 15m chart or do you only enter trades during certain time periods to avoid periods of inactivity and fakeouts? If so, please elaborate.
I did take a loss yesterday.
One perculiar characteristics of this pair is that if it rallys to a new high and is unable to penetrate that resistance line, it will have to retrace about 2/3 of the very bullish rally length… this is wat i was expecting when it was unable to penetrate thru the strong resistance line 236.30 after having a very smooth ride from 233.76 without any major retracement… you may have to go back in time to understand what I am trying to say.:rolleyes:
You will also observe that before the cross-over the RSI has remained above 50 all this while so I was expecting a major retracement before attaining a new height…though the RSI went below 50, the STOCH was very close to over-bought region.
Hope you will get his???/:eek:
Happy trading:)
I dont take any signal from the M15 chart untill i get confirmation from the H4 chart… Long if and only if I have an uptrend on the H4 chart:
So You’ve Finished The School Of Pipsology…Now What? - Pip My System - Beginner’s Guide to Forex Trading, Free Forex Education, Learn to Trade Forex, Forex Training - BabyPips.com
Attimes I need to get a trendline breakout on the M15 chart before I can take the cowabunga setup… to avoid taking all cowabunga crosses:
Pattern Schmatterns - 7th Grade: Important Chart Patterns - Beginner’s Guide to Forex Trading, Free Forex Education, Learn to Trade Forex, Forex Training - BabyPips.com
Hope you get this:D
Great! Thanks! I’ve read through all of this in the past and am familiar with it all, but actually applying the theories and putting them into practice are another story.
Would you be interested at all in leading a chatroom or some kind of IM chat with those interested?
I have no problems with that:cool:…
but what does it entail:eek:
I second the motion for a chat room or something similar to allow for several people to get more specifics on your use of this strategy, Tega. This seems to be a great strategy. I’ve been following this thread since the beginning and have used the strategy with success as well.
Thanks for the compliment and interest… I will not mind helping others benefit from this strategy thats why I have been consistently making my post and replies as much as I can:)…
I know we will be able to come up with something very sooon.
Stay tuned.
OK, I’ll see about setting something up when I get home and let you guys know. Besides just using it from a mentoring standpoint it will be good also just to get ideas from others and just to confirm entries and exits.
waiting for feedback soonest
What timezone are you guys in? I’m in GMT +3
GMT +5. I’m online a considerable amount of time from shortly after the open of the Asian session through Europe and into the NY session.
Whoops, I meant GMT -5
I am on GMT+1 and I like trading in the European and US periods:)
Can I ask, why don’t we just use the chat room function here at babypips.com? It seems to me that nobody is ever in that room anyway. Or does that function not work on this site?
I didn’t realize that there was one! I’m new to Babypips but I’ve been on FF and TSD forever and a day.
A couple of cool things about this room.
Lee